## Financial Structure × Demographics → Crisis Severity

**Any Crisis Episodes — Output Loss**

|  | Base | + Fin Interactions | Bank-Based | Market-Based |
| --- | --- | --- | --- | --- |
| Z_1 | -11.2861 | -48.1733 | -142.0931 |  |
|  | (38.9843) | (89.1280) | (85.4942) |  |
| Z_2 | 0.5345 | 3.1806 | 15.8154 |  |
|  | (5.2454) | (12.3362) | (11.4855) |  |
| Z_3 | 0.0063 | -0.0432 | -0.5064 |  |
|  | (0.2018) | (0.4781) | (0.4412) |  |
| fin_structure |  | -2.1100** |  |  |
|  |  | (1.0499) |  |  |
| Z_1_x_fin |  | 20.8985 |  |  |
|  |  | (46.6729) |  |  |
| Z_2_x_fin |  | -2.2601 |  |  |
|  |  | (6.5166) |  |  |
| Z_3_x_fin |  | 0.0774 |  |  |
|  |  | (0.2556) |  |  |
| N | 96 | 75 | 61 |  |
| R² | 0.207 | 0.078 | -0.228 |  |
| ρ | 0.816 | 0.907 | 0.936 |  |

**Banking Crisis Episodes — Output Loss**

|  | Base | + Fin Interactions | Bank-Based | Market-Based |
| --- | --- | --- | --- | --- |
| Z_1 | -40.5677 | -48.1733 | -142.0931 |  |
|  | (46.2073) | (89.1280) | (85.4942) |  |
| Z_2 | 3.6255 | 3.1806 | 15.8154 |  |
|  | (6.1371) | (12.3362) | (11.4855) |  |
| Z_3 | -0.0883 | -0.0432 | -0.5064 |  |
|  | (0.2337) | (0.4781) | (0.4412) |  |
| fin_structure |  | -2.1100** |  |  |
|  |  | (1.0499) |  |  |
| Z_1_x_fin |  | 20.8985 |  |  |
|  |  | (46.6729) |  |  |
| Z_2_x_fin |  | -2.2601 |  |  |
|  |  | (6.5166) |  |  |
| Z_3_x_fin |  | 0.0774 |  |  |
|  |  | (0.2556) |  |  |
| N | 92 | 75 | 61 |  |
| R² | 0.169 | 0.078 | -0.228 |  |
| ρ | 0.831 | 0.907 | 0.936 |  |
